I've just found an interesting option on gettting an Amex Card, especially for those who missed the Secured Card Programme, and are tired of waiting for Cobalt Card to get it's act together! Fidelity Investments offers an Amex Card (Gold) to people with a $5,000.00 deposit in it's Ultra Service Accounts. The U.S.A. comes with a Cheque Book, and debit Cards or Amex Cards, and the money can be withdrawn after you get the cheques and/or debit cards. Fidelity also pays the annual fee for the basic and additional card holder for the Gold Card or credits the same amount if you want a Platinum Card. It seems that Amex treats these accounts as Individuals with High Net Worth and it seems that the qualification is only to have the $5,000.00 in the account, and probably not to have major derogitories. The monthly charges are taken out of the U.S.A. I am not sure if the Card is Reported or not! This account would also be good for anyone listed on Chex Systems!
Here's the link for further info: http://personal400.fidelity.com/global/search/content/americanexpress.shtml.tvsr
I got that offer in the mail from Fidelity recently. It looks just like a regular Amex application, except that Fidelity picks up the fees, as you say. I'm not sure if the approval process would be that much different than via a nonendorsed Amex application. Kat http://creditexpert.tripod.com/home.htm
